SEBI orders forensic audit of JMD Ventures Ltd


Regulator Sebi has ordered a forensic audit of JMD Ventures Ltd (JVL), which figures among 331 ‘suspected shell companies’, after finding prima facie evidence of misuse of the firm’s funds.

JMD Ventures Limited was also known by two different names viz. Avtar Finance and Management Consultants and JMD Telefilms. Some of the directors of this firm have directorships in more than 10 companies.

According to the website of JMD Telefilms, Purohit family dominates the shareholding in the company along with some other body corporates. Detailed order of Securities Exchange Board can be obtained from the SEBI website

There have been prima facie evidences that these companies have entered into misuse of funds according to the suspicions of the market regulators.

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SOURCEFinancial Express
Apurva Joshi is the forensic accounting evangelist. She is the author of Students Handbook on Forensic Accounting, which is one of the only textbooks in India on the subject of forensic accounting. She is a director in Riskpro Management Consulting. As one of the leading women professionals she is appointed on the board of Quickheal and Rinder India as the Independent Director.